Thoughts on Orange, NSW?

Discussion in 'Where to Buy' started by SkyeR, 9th Feb, 2020.

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  1. SkyeR

    SkyeR Member

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    I'm a first time buyer looking for an IP, just wondering what is everyone's thoughts on Orange in NSW? does it look like a good place to invest? Has Sydeny peaked yet and could a ripple affect be on the way for towns like Bathurst and Orange? or have i already missed the boat

    Thanks :)
     
  2. euro73

    euro73 Well-Known Member Business Member

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    Orange has had a great 3 years...but amazingly I think it's about to kick again.... I say that because there is almost no land available with decent sized lots, and the next major subdivision at Northern Gardens is at least 10-12 months away from registration... 700M2 lots that were 180-190K just before Christmas are now getting 230-240K , and they are about to increase prices by 10-20K again.... What little else is available at Paterson Gardens has restrictive covenants about what you can build , and the other few available lots sprinkled around town are either 350-400M2 or are 700M2 but require 20-30K of site works and retaining walls . I know several builders in town and they seriously think that decent blocks will be 280-300K before too long. The developer of Northern Gardens is sitting on a Golden goose and wont let anyone buy more than 1 lot, so builders cant land bank anything. So it may not be too late - if you get in now you might catch this wave ..... Its quite unbelievable, to be honest... it just keeps going and going. Its been quite a run for a town of 45,000. I have been writing about it for several years. Medical jobs. Mining jobs. Govt jobs. + not enough registered land = rent surges and price growth. I have @40 Dual Occ clients and @ 50 NRAS clients who have done very well there

    FYI Bathurst is a little cheaper right now ... Its a fine regional, but it doesn't have what Orange has...but if Orange does go on a little surge, Bathurst may be the better value after that happens...
     
    Last edited: 9th Feb, 2020
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  3. SkyeR

    SkyeR Member

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    thank you for the reply! I would prefer to go towards Bathurst as it is that little bit closer to Sydney but Orange also is appealing. I just hope I haven't missed the ride but I'll do more digging into the area
     
  4. Ardi

    Ardi Well-Known Member

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    I lived in Orange recently for ~4 years. I would definitely go Orange over Bathurst.

    Cadia mine is developing PC3. Although this work is contracted and some personnel are fifo. This will bring a heap of money in to town and likely boost rental demand. This is the most appealing township for residetial hard rock mining in Aus imo.
     
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  5. SkyeR

    SkyeR Member

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    I had no idea about the mine, this will be a massive boost, thank you. I think Orange will be my first investment. If anyone could spare some advice though, I am an out of state buyer, any advice for purchasing a property for another location? I'm not sure how to go about it all
     
  6. Ardi

    Ardi Well-Known Member

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    20200209_105510.jpg
    Super rough pic on phone. I would avoid this area, unless you do some decent research and it stacks up. May be some low buy and higher yield opportunities in this area but do your research.
     
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  7. euro73

    euro73 Well-Known Member Business Member

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    Get a broker to confirm your budget
    Find a property you want to buy , then negotiate to buy it .
    PS - You will need a solicitor or conveyancer to represent you. WA settlement agents wont cut it
    Settle the purchase and engage a local tenancy manager to rent it out for you

    I have clients who have purchased @ 90 properties there over the past few years...its not a difficult process.
     
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  8. euro73

    euro73 Well-Known Member Business Member

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    And Regis Resources are just getting McPhillamys started up @ Blayney
    And the medical precinct expansion soldiers on - Orange now has the 2nd largest medical precinct in NSW, after Westmead
    And the university is adding a medical degree from 2021
    And the university already has one of the country's largest dental schools
    And DPI is relocating its HQ there
    All the pastoral/agri banks are HQ'd there
    And Andrew Gee just got a promotion from Scottyfrommarketing , so expect more Govt stuff to flow to the area

    Medical. Mining. Government. Wineries/Tourism. Agriculture /Agribanking + lack of registered land = Orange is a fantastic regional with very good yields and a string potential that they will keep climbing . We build Dual Occ's there and they produce 8-10K CF+ routinely.
     
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  9. SkyeR

    SkyeR Member

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    ah so not a good area to buy... I came across some very cheap houses in that area, but after some research the area seems to be more housing commission with high crime rate
     
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  10. Ardi

    Ardi Well-Known Member

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    Yes, I would only look in these areas if it had very high yield and dev potential. However closer to the CBD of this area, there are some nice old houses that may do well in the long run.
     
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  11. SkyeR

    SkyeR Member

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    14 Bundarra Crescent, Orange, NSW 2800 Thoughts, particularly in the area that it’s in
     
  12. Ardi

    Ardi Well-Known Member

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    About the worst location in Orange. Burnt out shopping centre just around the corner.
     
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  13. euro73

    euro73 Well-Known Member Business Member

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    Just had a Dual Occ valuation go through for $620,000 in Orange. That's 195K land and 425K build, which works out @ $1600 M2 - turn key. So it includes a 4 bed home + 1 bed granny flat , fences, driveways, turf, flooring, ducted AC etc... and one of the comparable sales that came back was for another Dual Occ at 2 Mulga Bill Place, Orange for just a tad over 659K.... except its a 2 bedder + 1 bedder only .... so its 40K dearer than our 4 + 1 !!! This is just one example of the prices people are getting in Orange nowadays....and the sensational value we bring :)

    Screenshot 2020-02-13 13.12.57.png dual oranges .jpg
     
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  14. PJ1

    PJ1 Well-Known Member

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    I just spent my first week working in Orange and was surprised by how large and tidy the town is.
    I can confirm euro73 observations on mining and the new medical center with adjacent retirement village on the way to Cadia.
    It all comes down to the numbers though.
     
  15. The Grinch

    The Grinch Well-Known Member

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    Quite familiar with Orange have spent a lot of time passing through to visit family. Orange has come a long way. They have great tourism, hospital, schools and a stable work force.

    Feels like every year the trip gets quicker. Town has a typical wrong side of tracks mentality, steer clear of the housing commision streets and you will be fine.

    Some great advice already. Do your own DD, you will do fine!
     
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  16. Kh0001

    Kh0001 New Member

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    So what areas would you suggest and avoid ?
     
  17. larrylarry

    larrylarry Well-Known Member

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  18. Yamas

    Yamas Active Member

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    Others have noted, I believe the east side of the railway tracks is to be avoided.
     
  19. KingBendtner

    KingBendtner Well-Known Member

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  20. momentum26

    momentum26 Well-Known Member

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    Any property gurus or vested investors would like to point out safer pockets that have OO appeal to buy for IP in Orange? I am just about to begin reading through all the posts with keyword “Orange” to commence my reading anyway.

    I’d greatly appreciate if any senior investors would be happy to provide me a lead.

    Have a good rest of you day!